Napoleon Hill said- Thoughts are things and powerful things when they are mixed with definiteness of purpose, persistence, and a burning desire. Before we begin our dividend investing journey, we should visualize success as an investor instead of failure (begin with the end in mind).
I opined that equity investment should not be associated with numbers alone, the mindset of the investor plays a critical role too. Imagine that if we invest without a direction or goal? how could we track our investment progress?
A dividend income target is a MUST and the dividend target serves as a compass or GPS for income investor in order to track the progress in creating our dividend income. Always think in terms of clarity as clarity is a substantial part of our goals. Think of how much yearly dividend income do we want to create in the next few years or 10 years time.
The dividend target will keep us motivated and excited! Print out the dividend target and paste it somewhere you could see!
An income investor could set the following goal as an example:
2016- RM3K dividend income
2017-RM6K dividend income
2018-RM9k dividend income
2019-RM12k dividend income
Once we have set our dividend goals, remember to record each dividend payment that we receive and compare against our dividend target on a monthly or quarterly basis to track our progress. If you hit your dividend income goal, I am sure you will be very excited! keep the burning desire and then set for higher dividend goal in the following year.
Once our dividend portfolio is constructed, do monitor the performance of our dividend paying companies or REITs from time to time. A company or REIT can only continue to pay us stable or increasing amount of dividends if they are fundamentally sound or better still, growing stronger!
As we enter the last month of 2016, do take some time to compute how much dividend income have you received so far? how much more do you want to achieve by end of next year? is it necessary to tweak your dividend portfolio? have you reinvest all the dividends that you have received?
With a clearly defined dividend goal, we will be able to chart our pathway towards VICTORY!
Do not rely heavily on yourselves to achieve the dividend goals, you can always read book or talk to mentors and learn from other people's experience (shorten the learning curve).
According to Gordon D'angelo in his book called 'Vision', he said that it is easier to incorporate multifaceted masses of energy all around to help us achieve our goals or visions efficiently and effectively. Do read equity investment or dividend related book and learn more from other income investor, I am sure these learning experiences will add value to you!
Happy setting your dividend goals for 2017!
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